USD/INR New York Price Forecast: Greenback retreats to around 75.50 level vs. Indian rupee

 

 

 

USD/INR uptrend remains intact as the quote is trading above the main SMAs, however, the market consolidated throughout the month of April. The spot challenged the 75.00 support level while the market is retracing down. It is unclear if the greenback has what it takes to resume trending higher right now, therefore more consolidation can be on the cards for USD/INR. However, will still be looking for a break above the 76.00 and 76.50 price levels while support should be expected near 75.00 and 74.50 price levels.